Internal & External Economies in Mumbai Essay

The long run – increases in scale A firm’s efficiency is affected by its size. Large firms are often more efficient than small ones because they can gain from economies of scale, but firms can become too large and suffer from diseconomies of scale. As a firm expands its scale of operations, it is said to move into its long run. The benefits arising from expansion depend upon the effect of expansion on productive efficiency, which can be assessed by looking at changes in average costs at each stage of production. How does a firm expand? A firm can increase its scale of operations in two ways. 1. Internal growth, also called organic growth 2. External growth, also called integration – by merging with other firms, or by acquiring other firms By growing, a firm can expect to reduce its average costs and become more competitive. Long run costs The firm’s long run average cost shows what is happening to average cost when the firm expands, and is at a tangent to the series of short run average cost curves. Each short run average cost curve relates to a separate stage or phase of expansion. The reductions in cost associated with expansion are called economies of scale. Internal and external economies External economies External economies and diseconomies of scale are the benefits and costs associated with the expansion of a whole industry and result from external factors over which a single firm has little or no control. External economies of scale include the benefits of positive externalities enjoyed by firms as a result of the development of an industry or the whole economy. For example, as an industry developes in a particular region an infrastructure of transport of communications will develop, which all industry members can benefit from. Specialist suppliers may also enter the industry and existing firms may benefit from their proximity. Internal economies Internal economies and diseconomies of scale are associated with the expansion of a single firm. The long run cost curve for most firms is assumed to be ‘U’ shaped, because of the impact of internal economies and diseconomies of scale. However, economic theory suggests that average costs will eventually rise because of diseconomies of scale. Types of internal economy of scale 1. Technical economies are the cost savings a firm makes as it grows larger, and arise from the increased use of large scale mechanical processes and machinery. For example, a mass producer of motor vehicles can benefit from technical economies because it can employ mass production techniques and benefit from specialisation and a division of labour. 2. Purchasing economies are gained when larger firms buy in bulk and achieve purchasing discounts. For example, a large supermarket chain can buy its fresh fruit in much greater quantities than a small fruit and vegetable supplier. 3. Administrative savings can arise when large firms spread their administrative and management costs across all their plants, departments, divisions, or subsidiaries. For example, a large multi-national can employ one set of financial accountants for all its separate businesses. 4. Large firms can gain financial savings because they can usually borrow money more cheaply than small firms. This is because they usually have more valuable assets which can be used as security (collateral), and are seen to be a lower risk, especially in comparison with new businesses. In fact, many new businesses fail within their first few years because of cash-flow inadequacies. For example, for having a bank overdraft facility, a supermarket may be charged 2 or 3 % less than a small independent retailer. 5. Risk bearing economies are often derived by large firms who can bear business risks more effectively than smaller firms. For example, a large record company can more easily bear the risk of a ‘flop’ than a smaller record label. Economy of Mumbai Mumbai is the and entertainment capital of India, it is also one of the world’s top 10 centres of commerce in terms of global financial flow, generating 5% of India’s GDP, and accounting for 25% of industrial output, 70% of maritime trade in India ( &), and 70% of capital transactions to . The city houses important financial institutions such as the , the , the , the and the corporate of numerous and . It is also home to some of India’s premier scientific and nuclear institutes like , , ,, , , and the . The city also houses India’s () and . Mumbai’s business opportunities, as well as its potential to offer a higher , attract migrants from all over India and, in turn, make the city a of many communities and . Mumbai is India’s largest city (by population) and is the financial and commercial capital of the country as it generates 6.16% of the total GDP.16105137 It serves as an economic hub of India, contributing 10% of factory employment, 25% of industrial output, 33% of income taxcollections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India’s foreign trade and 4000 crore (US$680 million) incorporate taxes.138 As of 2008, Mumbai’s GDP is 919600 crore (US$160 billion),139 and its per-capita (PPP) income in 2009 was 486,000 (US$8,200),10140 which is almost three times the national average.80 Its nominal per capita income is 125,000 (US$2,100),141 (US$2,094). Many of India’s numerous conglomerates (including Larsen and Toubro, State Bank of India, Life Insurance Corporation of India, Tata Group, Godrej and Reliance),105 and five of the Fortune Global 500 companies are based in Mumbai. 142 Many foreign banks and financial institutions also have branches in this area,105 with the World Trade Centre being the most prominent one.143 Until the 1970s, Mumbai owed its prosperity largely to textile mills and the seaport, but the local economy has since been diversified to include engineering, diamond-polishing, healthcare and information technology.144 As of 2008, the Globalization and World Cities Study Group (GaWC) has ranked Mumbai as an â€Å"Alpha world city†, third in its categories of Global cities.145 Mumbai is the 3rd most expensive office market in the world. Mumbai was ranked among the fastest cities in the country for business startup in 2009.146 State and central government employees make up a large percentage of the city’s workforce. Mumbai also has a large unskilled and semi-skilled self-employed population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics and other such blue collar professions. The port and shipping ind ustry is well established, with Mumbai Port being one of the oldest and most significant ports in India. 147 In Dharavi, in central Mumbai, there is an increasingly large recycling industry, processing recyclable waste from other parts of the city; the district has an estimated 15,000 single-room factories.148 Most of India’s major television and satellite networks, as well as its major publishing houses, are headquartered in Mumbai. The centre of the Hindi movie industry, Bollywood, is the largest film producer in India and one of the largest in the world as well as centre of Marathi Film Industry.149150Along with the rest of India, Mumbai, its commercial capital, has witnessed an economic boom since the liberalisation of 1991, the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in 2000s.151 Mumbai has been ranked 6th among top 10 global cities on billionaire count, ahead of Shanghai, Paris and Los Angeles.11 Mumbai has been ranked 48th on the Worldwide Centres of Commerce Index 2008.152 In April 2008, Mumbai was ranked seventh in the list of à ¢â‚¬Å"Top Ten Cities for Billionaires† by Forbes magazine,153 and first in terms of those billionaires’ average wealth.154 Mumbai is the world’s 38th largest city by GDP. Mumbai is India’s largest city, and is called the financial capital of the country. It serves as an important economic hub of the India, contributing 10% of all factory employment, 40% of all income tax collections, 60% of all customs duty collections, 20% of all central excise tax collections, 40% of India’s foreign trade and Rs. 40 billion (US$ 800 million) in corporate taxes. Mumbai’s per-capita income is Rs. 48,954 (US$ 980) which is almost three times the national average. Many of India’s numerous conglomerates (including State Bank of India, LIC, Tata Group, Godrej and Reliance), and five of the Fortune Global 500 companies are based in Mumbai. Many foreign banks and financial institutions also have branches in this area, the World Trade Centre (Mumbai) being the most prominent one. Until the 1980s, Mumbai owed its prosperity largely to textile mills and the seaport, but the local economy has sin ce been diversified to include engineering, diamond-polishing, healthcare and information technology.| | | | Mumbai is home to the Bhabha Atomic Research Centre, and most of India’s specialized, technical industries, having a modern industrial infrastructure and vast, skilled human resources. Rising venture capital firms, start-ups and established brands work in aerospace, optical engineering, medical research, computers and electronic equipment of all varieties, shipbuilding and salvaging, and renewable energy and power.| State and central government employees make up a large percentage of the city’s workforce. Mumbai also has a large unskilled and semi-skilled self employed population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics and other such blue collar professions. The port and shipping industry, too, employs many residents, directly or indirectly. In Dharavi, in central Mumbai, there is an increasingly large recycling industry, processing recyclable waste from other parts of the city; the district has an estimated 15,000 single-room factories. | | The media industry is another major employer in Mumbai. Most of India’s major television and satellite networks, as well as its major publishing houses, are headquartered here. The centre of the Hindi movie industry, Bollywood produces the largest number of films per year in the world; and the name Bollywood is a portmanteau of Bombay and Hollywood. Marathi television and Marathi film industry are also based in Mumbai.| Along with the rest of India, Mumbai, its commercial capital, has witnessed an economic boom since the liberalization of 1991, the finance boom in the mid-nineties and the IT, export, services and outsourcing boom in this decade. The middle class in Mumbai is the segment most impacted by this boom and is the driver behind the consequent consumer boom. Upward mobility among Mumbaikars has led to a direct increase in consumer spending. Mumbai has been ranked 48th on the Worldwide Centres of Commerce Index 2008. In April 2008, Mumbai was ranked seventh in the list of â€Å"Top Ten Cities for Billionaires† by Forbes magazine.| | | External and internal shocks serious setbacks to economic growth| Economic growth is likely to fall to 6 per cent this year as external and internal shocks are serious setbacks to the country’s economic growth.The Central Bank has not revised its economic growth forecast for the year, but current conditions suggest that economic growth would slip from 7.2 per cent that it estimated earlier this year to even below 6 per cent, if global demand for exports continues to be unfavourable and the prevailing drought conditions persist. The falling international oil prices are the one favourable development that could mitigate the economic slide.Global conditionsThe international economic downturn is widespread. Even China’s state capitalism has been unable to weather the global storm and the Chinese economy is expected to slow down this year. The Indian economy may experience a precipitous decline in its growth. India’s economic progress that had been impressive in the l ast decade has been halted and its first quarter economic growth dipped to just 5.3 per cent. India’s slower growth could affect the Sri Lankan economy in several ways. India is an important trading partner. About 5 per cent of our exports are to India. | Furthermore, foreign investors tend to view investment prospects regionally. India’s troubles could intensify foreign investor concerns on Sri Lanka as a destination for FDI. Moreover our long term economic expectations are linked to the fortunes of India.The most pertinent global developments for Sri Lanka in the short run is the instability of European economies that have slowed down and reduced their purchasing power of commodities exported by us. European countries and the US that accounted for 54 per cent of our exports last year is a sizeable one for industrial exports. The decrease in exports to Europe is being felt in the trade statistics this year. The American economy too has not recovered adequately, and this being an election year, is not expected to regain a growth momentum. With these two main markets affected, our industrial exports have faced a drop of 3.1 per cent in the fir st four months of the year.What is particularly disconcerting is that there is a trend of decreasing industrial exports, especially of garments. In March industrial exports declined by 10.2 per cent and in April it declined by 8.7 per cent, compared to the respective months of last year. Tea exports to the Middle East and Russia too have been adversely affected and in the first four months, tea exports decreased by 11.8 per cent, contributing heavily to the decline in agricultural exports by 11.7 per cent compared to the previous year’s first four months. Total exports declined by 3.1 per cent in the first four months of this year compared to the same period last year. Indications are that both industrial and agricultural exports would face adverse conditions and are not likely to recover.ImportsImports continue to make a serious dent in the trade balance. Although consumer imports declined by 3.3 per cent, intermediate and investment goods continued to increase. Imports were much higher than exports and resulted in a trade deficit of US$ 3.3 billion in the first four months. If this trend continues the trade deficit could be as much as US$ 10-11 billion. This would certainly strain the balance of payments as it is too large to be bridged by worker remittances, tourist earnings, other service earnings and capital inflows. The expectation of higher amounts of foreign direct investments is unlikely. Therefore once again there would be a drain on reserves or increased foreign borrowing to meet the trade deficit, as well as repay capital borrowed earlier and to service interest payments.Economic stabilityThe stabilisation of the economy is becoming an uphill task with exports declining and imports continuing to rise. Consequently the trade deficit is continuing to widen even though some imports are showing signs of decelerating. The exchange rate has depreciated as much as 17.5 per cent since Nov. 21, when the government devalued the rupee by 3 per cent. | Global conditions are no doubt at the root of the problem. The economic policies pursued in the recent past too were not modified to take into account the realities of the global situation and the unrealistic path of development that was pursued, without consideration of resource availability and balance of payments implications of the consumption-investment pattern.Internal shockAs if the external shocks are not enough, the country is in the throes of a severe drought. While the hopes are that the monsoon is a delayed one, the current expectations are that a severe drought is likely.This is likely to reduce paddy as well as other crop outputs in the main paddy growing areas. It is estimated that the Yala 2012 crop will decline by about 30 to 4 0 per cent. There may be a need to importing rice this year. If international rice prices increase then it would result in a further strain on the balance of payments.The impact of a drought on the capacity for hydro electricity generation is serious. Increased thermal generation would necessitate higher petroleum imports. The gains by the reduction of oil prices could be wiped out by increases in the amount of oil imports. Meanwhile in the first four months of this year import expenditure on oil increased by 34 per cent.Silver liningsThere are a few silver linings amidst these dark clouds. International oil prices are falling. Though, as usual, there is volatility in oil prices, they are hovering at a much lower level that in the early part of the year. Oil prices of around US$ 90 per barrel could be a significant boon. Complementing this is the US decision to exempt Sri Lanka from the ban on oil imports from Iran. This too could bring some relief with the possibility of importing Iran crude on concessional and differed payment terms.Worker remittances that are an important source of funding the trade deficit are continuing to increase. In the first four months remittances increased by 16 per cent compared to that of the comparab le period last. This is good news in a context when there was considerable uncertainty about remittances growing owing to the turmoil in the Middle East.Policy imperativesOnly about one half of the probable trade deficit of US$ 11 billion is likely to be offset by remittances. Tourist earnings that are increasing may finance about 10 per cent of the trade deficit. Therefore the current account deficit would have to be financed largely by either running down the reserves or through borrowings that are contingent liabilities. In this context every effort must be made to reduce imports through appropriate pricing policies, reduction of government expenditure and conservation measures. Reducing the price of petroleum products would be an inadvisable measure.|

Investment Essay

Stock investment is a game of chance as the prices of stocks can be determined through consideration of various components of market. A major concern in stock investment is consideration of available information by investors. Value investing and random walk theory provides mechanism of determining performance of stock investment. Value investing has three main characteristics of financial markets as is described by Bruce C. N in his book. First, the price of stocks is subject to significant movements in financial markets (Greenwald Bruce C. N. , Judd Kahn, et. al. 2001). There are certain impersonal forces that determine price of securities at any moment attracting value buyers to invest in stock markets. Second, despite gyrations in prices of financial securities, many investors have fundamental economic values relatively stable and measured with reasonable accuracy by diligent investors. This means there is a difference between intrinsic value of securities and current price at which a stock trades in the market. Although value and price of financial securities may be identical, there is a difference between the two. Third, in the long -run, buying of financial securities when their market prices are lower than intrinsic value leads to higher returns. These three conditions are major considerations by investors in stock market especially during the period of economic hardships. In 2008, stocks markets were adversely affected by economic down turn whereby the prices of financial securities fell. The end of recession led to a strong surge of stock prices and this critical area affects decisions of value investors and random walkers. Accounting for price surge and fall of stocks by value investors and random walkers is based on fundamental analysis described in the books of Bruton G. Malkiel and Bruce Greenwald. Investment approach I financial markets use existing economic information relating to financial statements of a company and any other relevant information about the affairs of the organization. The fall of security prices in 2008 can be linked with information provided in relation to affairs of stock markets. A major analysis in the concept of financial markets is the concept of top down approach in which the prevailing microeconomic conditions determine price of financial securities. The stage of business cycle in the economy is very important for value investors as information relating to future expectations of price changes is determined. Stock selection model in this aspect of microeconomic conditions is made in a way that ensures stocks of a selected company outperform its peers in industries. The objective of stock market investors is to make more money out of their investment portfolio. Economic down turn caught many investors unaware and price fall of shares was a major threat. The fall of stocks price is attributed to collapse of financial institutions and increased prices of commodities. Investing in financial securities is a mechanism of putting surplus money at disposal by an individual or corporate into investment portfolio such as stock markets in anticipation of higher returns. Increased prices of other commodities leave individuals with less money for disposal. This means that the demand for financial securities decreases thus has an effect in price of stocks. Financial institutions play a very important role in financial markets as they finance value investors. Recession in 2008, made it hard for investors to access loan to invest in financial markets. The economic down turn thus made prices of stocks to fall making investors lose a lot of money. Strong surge of stocks price in 2009 was attributed to changes in economic performance. Random walk down street written by Burton Malkiel is one of the best investment literature used by investors to make wise decisions. The critical concept raised in this article is the issue of price movements. Price of financial securities has no memory and thus investors cannot rely on past and present prices to predict future performance of stocks market. However, relying on information provided by financial analyst or experts is of essence in the aspect of stock investment. Malkiel maintains that, buy and hold strategy is the best policy in the event of price surges as it outperforms attempts of timing markets in returns (Malkiel Burton, 2007). Consequently, in risk adjusted returns, the concept of buy and hold strategy is not credible. In this aspect buy and hold strategy is more of guesswork as it has little impact in compensating risk associated with continuous investment in stocks market. Efficiency of market is another concept used by investors in the event of stocks price fall like in 2008 and strong surge for stock price as was experienced in 2009. Financial markets are to some extent predictable but this should not be considered as a symptom of inefficiency or irrationality. Predictability of stocks market is the concept behind capitalism as was argued by Andrew a professor in finance. Investors make high returns from efficient markets because information about stocks price is provided through research and constant innovation. The strong surge of stocks price is an element of investment in which many organizations strife to maintain competitive advantage.

Organisation Behaviour Essay Example | Topics and Well Written Essays - 1000 words

Organisation Behaviour - Essay Example Teams and groups are significant aspects of organizational life. That is because when employees work as a team or a group, they quickly achieve a firm’s goals. However, it has been recorded that working as a team or a group is a complex task thus there must be a good group dynamic. Group dynamics have been defined by Films for the Humanities & Sciences (2001), as the interactions among the employees or the members of a group. It is, therefore, apparent that a work group of a firm is the most significant foundation for the social identity of the workers. The reason is that the relationship within and outside the organization and the performance of work are significantly affected by the nature of a group and the group’s behaviors.  Teams and groups are significant aspects of organizational life. That is because when employees work as a team or a group, they quickly achieve a firm’s goals. However, it has been recorded that working as a team or a group is a comple x task thus there must be a good group dynamic. Group dynamics have been defined by Films for the Humanities & Sciences (2001), as the interactions among the employees or the members of a group. It is, therefore, apparent that a work group of a firm is the most significant foundation for the social identity of the workers. The reason is that the relationship within and outside the organization and the performance of work are significantly affected by the nature of a group and the group’s behaviors.

ETHICAL DECISIONS IN LEADERSHIP Research Paper Example | Topics and Well Written Essays - 1500 words

ETHICAL DECISIONS IN LEADERSHIP - Research Paper Example In her present job Lael Mathews faces this glass ceiling, people higher up the hierarchy are trying to interfere with her job. She must promote one of three managers, and all of her choices have disadvantages and advantages. She must decide from Liz, Roy, or Quang. Although she has a soft spot for Liz and knows that Liz can really use the money provided by the promotion but also knows that being a single mother she can not show full commitment and an above average performance. Promoting Liz will however bring positive PR to the company as she is an African American. Lael’s boss is also favoring Liz for the job. The other choice Roy although old, has been up for a promotion for a long time, and many employees think that he deserves it. Further more a senior manager had made a personal request for his promotion. The final candidate for the job is Quang. She is an intensive hardworking Asian. Always among the top students of her class she has provided the company with record perf ormances in the past. Moreover she is engaged to an upper management person’s son, who is intent on getting her promoted. Narrowing it down, the problem that Lael faces is: As Lael is a woman she is pressurized by everyone with power. The main reason upper management employees keep pushing her for their respective favorites in case of this promotion, is because they all think they can bend her according to their will, as she is a woman. If she goes against their will, they can do great harm to her career in the future. The greatest threat can be from her supervisor who wants Liz to be promoted. His request is though of a less personal nature as compared to the supporter of Quang. He is much more intense in his support as she is a relative to him. Lael as a human being is also effected by her personal emotions. Her association with Liz can severely impact her promotion decision. Moreover in light of the recent accident

Diversity and Difference in Early Childhood Education Research Proposal - 3

Diversity and Difference in Early Childhood Education - Research Proposal Example Reflective thoughts about the theories as observed in our daily lives are but one of the methods we are going to use in dissecting what the theories present to our modern world. Whether the theory holds true today or not, if it is of an essence to the modern educator or not needs to be seen as we go along our discussion. I also wish to present an analytical report where we could compare and contrast some of the theories as opposed to practices that we experience. It is the aim of this paper to give a clear understanding of the theories presented by Robinson and Diaz through discussion and examples as well as through the use of other references that could help give light to the issue. In effect, I will be adding some of my personal experiences which may be not worth noting, yet I believe would reveal the reflective side of me. Basically, we will be attacking the issue in different ways as the issue presents diverse angles that we need to look into. The earliest teachings could have started during the beginning of time when the first man and woman were created and were given the instructions of what to do (Genesis 1:28-29). Perhaps the how of teaching was first recorded in Deuteronomy 11:19 when Moses gave instructions to the Israelites to teach their children about the laws of God by talking about them when you sit at home and when you walk along the road, when you lie down and when you get up and also by writing them on the doorframes of your houses and on your gates (New International Version). This kind of educational system has been largely seen in the early eras as no formal education was set for the early people to follow which eventually affected at large the education of modern learners.

Personal Statement (one page essay on reasons for choosing medicine)

Personal Statement (one page on reasons for choosing medicine) - Essay Example Perhaps because of my early fascination with frequent traveling with my parents, I have never really put a big effort into my BSc. (I am about 90 credits in.) Saving other people’s lives is something that I would like to do. I feel like I have taken enough from this world and now its time to put a little back in it. There is a pride, I think, in being a doctor, but there is also the challenge to make good. Imagine the beat of life lying in your hands but you would have to think and move to be an instrument to let that beat continue on and live. Imagine that those lives are the very ones to also let other lives beat on. If I were that doctor, how great is the challenge to answer the hopes of families gaping at you for answers. This is the kind of life I would like to go into. There is meaning and there is purpose. All the time my life was suspended on air, I would think of these things. Life are precious it could crumble anytime. But it could also be saved. If given the chance, I would like to join the medical world. At least, I could say I am useful for others after all. I am a voracious reader of all types of books. As such, it will not be strange to me to be meeting requirements in school for much reading and research. I am proficient in English besides. Aside from my concern for mental health, I also go for physical health. I exercise regularly and enjoy all sorts of sports but mainly skiing. Ive been told that Im very personable and easy to get along with. Therefore, if I would be mixing with other cultures in school, I am ready for it. Over in my church community, I meet all sorts of people. I think I am of the gregarious kind and this is no problem. When one becomes a doctor, he doesn’t look into the color of the patient’s skin before he decides to serve. I volunteer at a Union Gospel Mission soup kitchen whenever I get to church as this is my way of mixing with the community. I love the feeling that I can be of use

Philosophy of mind Essay Example | Topics and Well Written Essays - 2000 words

Philosophy of mind - Essay Example Summary of Searle’s Claim Searle’s (1980) reply to the query: â€Å"Could a machine think?† is built on two propositions, which he stated as follows: â€Å"(1) Intentionality in human beings (and animals) is a product of causal features of the brain. (2) Instantiating a computer program is never by itself a sufficient condition of intentionality.† Searle explains that the strict logical consequence of his first two propositions is (3) the explanation that the manner by which the brain produces intentionality invalidates the claim that intentionality is also produced by instantiating a computer program. Hence, a computer program cannot produce intentionality. He furthers that the trivial consequence of his first proposition is (4) the need to possess causal powers similar with those of the brain to enable any mechanism to produce intentionality. Hence, a machine should have a human-like brain to be able to think. Lastly, he explains that what follows to his propositions 2 and 4 is the proposition (5) that any literal attempt to create intentionality through artificial way would fail to do so if it will only design programs like the AI; what it needs to succeed is to recreate the human brain’s causal powers. ... Hence proposition (1) can be stated as human beings have intentionality because they have the causal powers of the brain. This way of saying it is to state Searle’s argument in another way – that intentionality is the mental activity that human beings are capable of doing because of the causal powers of the human brain that they biologically possess; for a machine to think it must have intentionality which can only be possible through having the causal powers of the brain. Hence, not unless the machine has the causal powers of the brain similar to human beings, the machine could not think. Thus, to say that AI, as what functionalism and computationalism persistently assert, can fully think – with the understanding that thinking here has intentionality – is short of saying that AI can also be human beings – a claim that obviously Searle does not want to accept, rejecting every possibility that AI could think and consistently defending his position th at intentionality is a mental characteristic inherent to human beings. Actually, AI’s claim seems harmless, but perhaps Searle has perceived its dangerous implication that’s why he obstinately opposes it. Hence on his part, Searle simplifies his proposition (1) in a way that does not allow an AI to become capable of thinking: â€Å"†¦ certain brain processes are sufficient for intentionality† (p. 417). Searle’s way of simplifying his proposition (1) is to emphasize his point that intentionality requires necessary causal features of the brain that is far more than the information processing system that computationalism is so proud of or the formal symbol manipulation of functionalism, because these causal features of the brain are in fact